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How did the Iraq wars affect the real estate market in Dubai?
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Baghdad today - translation
Hussain Sajwani, Executive Director of the Emirati Damac Company, said today, Tuesday, that the renaissance of the real estate market in the UAE is due to the problems that Iraq has gone through during the past years and will continue until recently.
Hussein said, according to what was reported by the American CNBC network and translated (Baghdad Today), that “the significant increase in the value of the UAE real estate sector, which continues to this day, is due to the direct benefit of the Emirates from the situation in Iraq," explaining, "Dubai, in particular, was the largest beneficiary." From the Iran-Iraq war, the Iraqi war in Kuwait, and the Iraqi-American war.
"The immigration of wealthy foreigners and companies from Iraq and some countries in the region due to the political and security events to the UAE has greatly raised the value of the real estate sector, and was the main reason behind its renaissance," he said, In a statement to the network on the sidelines of the Davos summit, pointing out that "the UAE is witnessing another renaissance in the real estate market." Because of the Russian-Ukrainian war," he said.
Sajwani explained that "the UAE real estate market expects an additional increase in value in the event of a conflict between Israel and Iran, despite the great danger that this conflict poses to the security of the UAE itself," noting that "the value of real estate rent has increased by fifty percent annually due to political and security problems in the region.
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